HD6

Đầu tư và Phát triển Nhà Số 6 Hà Nội ·UPCOM ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 2.38%, −7.21pp YoY
Price
8,300
Latest close
03 Jun 2026
P/E 50.58x
P/B 0.31x
EPS 164
BVPS 26,834
ROE 0.6%
ROA 0.3%
Profit Margin 1.6%
Asset Turnover 0.19x
Equity Mult. 1.98x

TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity

What Is Changing

On a TTM 2026Q1 basis, HD6 posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. More notably, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.

TTM REVENUE
VND 156bn
−81.1%YoY
NET MARGIN
2.38%
−7.2ppYoY
TTM NET PROFIT
VND 4bn
−95.3%YoY
Net financial result / PBT
75.9%
affects earnings quality
Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Q4'23 Q3'23 Q2'23
Revenue 11.4 98.9 23.5 21.7 10.6 589.5 121.0 102.1 88.9 271.8 58.2 45.5
Growth -88% +320% +8% +105% -98% +387% +19% +15% -67% +367% +28%
Net Income 0.0 3.2 0.1 0.3 0.1 75.6 2.8 0.5 4.4 22.6 2.9 2.5
Net Margin 0.39% 3.26% 0.63% 1.33% 0.83% 12.83% 2.28% 0.48% 4.92% 8.31% 4.98% 5.43%

Drivers of HD6's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to lower gross profit. Supporting and offsetting drivers:

Minority interests ↓ 25.8bn
Tax ↓ 21.6bn
Other profit ↑ 16.9bn
Gross profit ↓ 167.4bn
TTM

Net profit attributable to parent declined vs prior quarter, mainly due to lower financial income. Supporting and offsetting drivers:

Minority interests ↓ 0.0bn
Tax ↓ 0.0bn
Financial income ↓ 0.8bn
Other profit ↓ 0.6bn
Gross profit ↓ 0.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 22.0% = 9.6% × 0.84 × 2.73
2026Q1 0.9% = 2.4% × 0.19 × 1.98

ROE fell from 22.0% to 0.9% — all three components weakened, with leverage being the main drag.

Net margin: 2.4% -7.2pp Asset turnover: 0.19x -0.65x Leverage: 1.98x -0.75x

Is the profit sustainable?

Margins are under pressure while earnings still rely significantly on non-core sources.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 2.38%, losing 7.2pp. The main pressure comes from Gross margin fell 8.6pp and SG&A / Revenue rose 2.1pp (in addition, Other profit / Revenue rose 2.3pp added support while Net financial result / Revenue fell 0.1pp remained a drag).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin 2.38% −7.2pp
Gross Margin 14.51% −8.6pp
SG&A / Revenue 11.15% +2.1pp
Non-core / Revenue 0.63% +2.1pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 82.4% of PBT and lifted net margin by 2.1pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital efficiency for residential developers should be read alongside project cycles and handover timing — ROIC of 0.8% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC fell to 0.76%, losing 26.8pp. That translates to 0.76 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 8.9pp and capital turnover fell 2.13x, while invested capital expanded strongly by 124bn — pressure came from both operational efficiency and asset efficiency.

For real estate developers, ROIC moves with project cycles — this is a reference signal, and the real assessment needs upcoming handover periods.

CAPITAL EFFICIENCY TREND

TTM YoY · 2025Q1 -> 2026Q1

ROIC 0.76% −26.8pp
NOPAT Margin 2.23% −8.9pp
Capital Turnover 0.34x −2.13x
Average Invested Capital 457.1bn +124.4bn

Balance Sheet

ROIC for residential developers swings with project cycles and handover timing — the balance sheet below adds perspective. Capital structure is relatively light for the real estate sector — liabilities at 1.09x equity, net debt at 0.35x equity.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

TTM YoY · 2025Q1 -> 2026Q1

Receivables were broadly stable → neutral CFO:
Inventories were broadly stable → neutral CFO:
Payables were broadly stable → neutral CFO:

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

At present, short-term debt accounts for 27.2% of total debt, cash equals 14.5% of debt, and total debt stands at 165.4bn.

Leverage for residential developers should be read alongside project cycles, development inventory, and handover timing.

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 14.5%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.35x +0.44x
Interest Coverage
Cash / Debt 14.5% −1337.5pp
Short-term Debt / Total Debt 27.2%
CFO / NI 58.37x +58.47x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 137.2bn in 2025, against investing cash flow of -238.6bn.

Post-investment cash flow was negative +101.4bn. Financing cash flow was positive +94.4bn.

CFO / net income was 58.37x.

Track how much investment can be funded internally from operating cash flow.

For residential developers, FCF and CFO swing with project cycles — negative during investment phases and positive at handover — not representative of single-year efficiency.

Cash Conversion

TTM Cash Conversion · 2025Q1 -> 2026Q1

CFO TTM 144.8bn +150.0bn
Cash Capex
FCF TTM

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 7.2 pp. The next watchpoint is the earnings mix, when non-core contribution is 75.9%.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 58.37x. Even so, net financial result still accounts for 75.9% of PBT, so the earnings mix still needs monitoring.

Key risk: profitability remains under pressure, with trailing-12M net margin at 2.38% after a 7.2pp decline versus the same period last year.

Statement Data

Item 2025 2024 2023 2022 2021
Net Revenue
121.3 906.0 367.2 382.3 492.0
Cost of Goods Sold
98.2 703.2 258.8 274.8 0.0
Gross Profit
23.1 202.7 108.4 107.5 125.2
Financial Expenses
4.9 0.5 4.8 10.1 -17.9
Selling Expenses
51.0 37.5 3.3 -2.2
General and Administrative Expenses
18.2 32.5 23.6 18.3 -21.0
Operating Profit
6.1 126.8 44.4 83.3 92.4
Profit Before Tax
7.1 106.8 44.9 85.4 100.6
Net Income
4.8 80.7 30.3 65.6 79.4
Profit Attributable to Parent
2.5 51.5 18.7 49.6 58.0
Earnings per Share
155.00 3,228.00 1,191.00 3,441.00 4,026.86

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